Citadel Securities Faces $500 Billion Surge in Chip Financing Debt

WHO:

Yahoo Finance - Citadel Securities LLC is forecasting debt issuance.

Yahoo Finance - Jeff Eason is the head investment-grade desk analyst at Citadel Securities.

Yahoo Finance - Leading AI labs mentioned include Anthropic PBC and OpenAI.

WHAT:

Yahoo Finance - Citadel Securities forecasts over $500 billion of debt in public and private markets by 2028.

Yahoo Finance - This amount would represent more than 5% of the Bloomberg US high-grade index by 2028.

Yahoo Finance - Eason estimates that chip-makers will issue over $250 billion by 2028.

Yahoo Finance - Anthropic secured a $35 billion financing package for Google's custom TPU chips.

WHERE:

Yahoo Finance - The debt is related to artificial intelligence campuses, primarily in the US.

WHEN:

Yahoo Finance - Citadel Securities anticipates the debt issuance will occur by 2028.

Yahoo Finance - Citadel launched high-grade credit in early 2024.

WHY:

Yahoo Finance - The forecast is driven by the need to finance chips for artificial intelligence applications.

Yahoo Finance - Eason noted that the scale of this debt issuance is unprecedented relative to today's market.

HOW:

Yahoo Finance - Most of the anticipated debt issuance will likely be shorter-dated, around three to five years.

Yahoo Finance - A portion of the debt could be issued as 144A private offerings.

Yahoo Finance - Investors have not yet absorbed financing of this magnitude, according to Eason.

(UPDATED August 3, 2026 20:35 UTC)

Citadel Securities is forecasting over $500 billion in debt issuance related to artificial intelligence campuses by 2028, which would account for more than 5% of the Bloomberg US high-grade index. Jeff Eason, the head investment-grade desk analyst at Citadel, estimates that chip-makers alone will issue over $250 billion during this period, driven by the need to finance chips for AI applications. Notably, Anthropic has already secured a $35 billion financing package for Google's custom TPU chips, marking an unprecedented scale of debt issuance in today's market.